As part of the mortgage loan taking it is necessary to purchase an insurance policy. In order to ensure both the lender and ensure financial coverage in an event of natural disaster and the prevention of bankruptcy of the survivors.
Real Estate property acquired is the main guarantee of the bank, and with the different coverages there is a high certainty that the bank's money will be guaranteed over time.
Mortgage insurance consists two types of insurance:
a. Life Insurance
According to the central Israel bank borrower must buy a life insurance which is attributed to the bank in case of death. In the event of an incident, the responsibility for repayment of the debt to the bank will not be on the shoulders of the heir of the deceased, but on the shoulders of the insurance company. This will insures the bank against any default in case of death. The life insurance covers the bank, according to the amount remains to repay the loan.
Borrowers who do not have a life insurance can purchase an additional policy to the above, in order to insure themselves in the case of occupational disability and they will be able to pay the mortgage payments.
b. Building Insurance
When it comes to property damage such as damage to the building, for any reason such as earthquakes, natural disasters, water damage, etc, mortgage insurance provides a solution in the form of building insurance. This insurance covers the various hazards that can happen to the property structure. The insurance will cover the damage to the structure in which the insurance company will pay for the repair of the damage and not you, and it includes plumbing damage insurance.
In order to insure the building, it is required to insure the full cost of rebuilding the property, not including the land value. TipCheck – It is recommended to do a market survey among the insurance companies in order to get the lowest offer.
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If you have an existing mortgage, we assure you a proven savings. We will take a closer look at your mortgage data with the rest of your financial parameters in order to create a guaranteed savings of at least 10,000 INS.
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On TopCheck Mortgages we will check all your needs and financial abilities (not just the mortgage but your savings and ct) as an individual, a family and a business, as a one organic unit.
Only after a full examination we build with you the best and the most comfortable mortgage program.
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TopCheck Mortgages's advisers are the best in their field and they have a lot of experience in the mortgage market. Each client receives a personal, courteous and reliable service. Reflecting the company's professionalism.
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